X0306 4 2020-04-21 0 0001393311 Public Storage PSA 0001227391 HUGHES B WAYNE JR C/O PUBLIC STORAGE 701 WESTERN AVENUE GLENDALE CA 91201 1 0 1 0 Stock Option (Right to Buy) 190.90 2020-04-21 4 A 0 5000 0 A 2030-04-21 Common Stock 5000 5000 D Stock Option granted pursuant to the 2016 Equity and Performance-Based Incentive Compensation Plan. Option vests in three (3) equal annual installments beginning one (1) year from the grant date. This option to purchase 5,000 shares of common stock becomes exercisable as to one-third on each of April 21, 2021, 2022, and 2023. Joanne Wu, Attorney-in-Fact 2020-04-23